Winning a customer is tough and expensive work, but once you do win them over, your task is far from over. Continuing to succeed as a B2B based business is based largely on two additional tasks: Retaining your customers and maximizing revenue and cash flow from them. Retaining customers boils down to taking care of them and protecting them from your rivals, but increasing cash flow can be a little more complex. Fortunately, both tasks can be accomplished by moving your B2B orders online.
Smooth Order Frequency and Increase Regularity
For better or worse, most people are driven by instant gratification. That is why you are far more likely to generate a sale after a visit from one of your sales reps or during a trade show. Even if your door is open to customers through mailed, faxed, emailed, or even phone orders, order frequency often remains based on visits from sales reps.
This causes a variety of issues, not the least of which is irregular cash flow. This “Feast or Famine” approach to sales can make it difficult to execute business plans. In addition, it offers an opportunity for a competitor to take your customer – empty space on their floor because your sales rep is a week or two late is an opening for the sales rep of a rival.
Taking B2B orders online caters to your customers immediately. Perhaps more importantly, it also can help smooth the peaks and valleys of order activity and minimizes downtime that might allow a competitor to swoop in.
Increase Liquidity by Eliminating Payment Latency
eCommerce platforms also offer the benefit of faster payment. Customers get the gratification of immediate ordering and Apruve pays you within 24 hours of invoice generation. Rather than sending them your product and then getting paid, you have faster access to your sales revenue. The customer then pays Apruve according to the offered terms.
The importance of liquidity cannot be overstated. Having faster access to your cash allows you to leverage it to grow your business.
Representative salaries. Order processing timeframes. Inventory expenses. Bookkeeping. Attempting to collect late or non-payment. What do they all have in common? They are all a fact of life for all B2B companies. They also all can be improved or mitigated through moving B2B ordering online. Here are some ways how:
- Online ordering capabilities means that your reps can waste less time on physically taking an order themselves and trying to collect on unpaid invoices, and spend more time engaging in meaningful high-level strategic planning with a customer.
- Online ordering processing is also faster and more accurate.
- Faster order turnaround and steadier order flow will help reduce inventory expenses.
- With online invoices you’ll have less paperwork, rather than dealing with multiple data sources.
- Upfront payment by Apruve on B2B orders means you’ll never have to waste time or money trying to collect on your outstanding invoices.
Whether your business is ready to move completely online, or you want to make online ordering part of your sales arsenal, the benefits of online B2B ordering are undeniable. Not only will your customers love it, you’ll be increasing cash flow as well.